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While the UK Index continues to consolidate the bulls are happy to see positive moves by the S&P500 and Nikkei 225 thanks to bullish patterns – ascending triangles. And while some red may be creeping back in as we write, the patterns suggest appetite for risk failed to wane too much in spite of a long weekend in the UK and US that kicked off with hawkish utterances from Fed chair Yellen.
Markets appear unperturbed by the latter, nor the prospect of June kicking off with not only OPEC’s semi-annual meeting on Thursday (new Saudi oil minister Khalid al-Falih’s first appearance) alongside the ECB policy update (what will Draghi have to say?) but Friday also offering us that all-important market-moving US Jobs data report that may or may not add to Fed rate hike speculation in terms of US economic recovery.
UK 100 holding 6245-6280 range, still consolidating before a potential breakout to 2016 highs of 6430. The DAX30 has broken its trend of 1-week rising support to test 10300. Wall Street/Dow Jones futures have dropped back to test Friday support at 17890. Gold’s month-long sell-off was halted by round number and key level $1200. Does the bounce to $1210 have legs?
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The UK 100 remains in that 6245-6280 sideways consolidation range awaiting a break. A succession of bullish patterns of late suggests the break could well be to the upside, allowing a retest of 2016 highs of 6430.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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The DAX has broken its 1-week uptrend to test 10300 which is a great start to the week. Especially with the 4-hourly RSI pulling back from overbought. Nonetheless, after strong gains, potential for this to merely be consolidation.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Dow Jones futures have eased back to test Friday support at 17890 as the RSI falls from overbought. However, the possibility of a bullish flag pattern allowing a re-test of 2016 highs remains realistic.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Gold’s month-long sell-off was halted by round number and 12-month key level, resistance-turned-support at $1200. Does the bounce to $1210 have legs? Or will the downtrend continue?
Watch levels: Bullish $1216, Bearish $1208
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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